There’s rarity and exclusivity on display at all times in the luxury watch world, but the Patek Philippe Ref. 1518 is a truly rarefied timepiece indeed. One of only four known examples of the Ref. 1518 in stainless steel is re-emerging via private sale through Monaco Legend Auctions, with the price set at an eye-watering $20 million.
Collectible Patek watches are already poised to have a moment in 2025, but the remarkable Ref. 1518 Chronograph exists in a class all its own, and then some. This nearly one-of-a-kind offering dates back to 1943, and it’s one of just four produced on a stainless steel bracelet. Incredibly, it’s also traceable throughout history, appearing at show-stopping auctions as far back as 1989, according to Monaco Legend Auctions. At the time, it was the first public appearance for such a wristwatch, breaking new ground in the industry.
Accordingly, the company describes the timepiece as “one of the most important wristwatches ever to appear on the market,” and it eventually ended up in the collection of watch and Ferrari enthusiast Ernst Schuster. By the time it was sold again at auction in Geneva in October of 1995, Monaco Legend Auctions reports the sleek 35mm perpetual calendar chronograph was “already a watch of legendary status.”
The timepiece exists as a stellar example of all things Patek Philippe, including precision and vivid artistry, and fittingly appeared side by side amongst other Patek watches in Davide Parmegiani’s 2005 tome, “The Collection,” along with 2010’s “Patek Philippe Steel Watches” (shown below). Despite dating back to the 1940s, the auction house reports that the watch “boasts a remarkable state of preservation and a clean, well-documented provenance.”
The fervor surrounding one of the most rare watches on the planet has only escalated in the years since it passed into the hands of its current owner, as a Patek Philippe 1518 in steel sold for more than $11 million in Geneva. Suffice to say, its revered place in the watch world is already set, as Monaco Legend Auctions places it “among the most historically significant Patek Philippe timepieces ever known.” The price tag, dare we say, fits that billing, but good luck getting your hands on this watch.